Coinspeaker
Crypto Liquidations Nears $360M as Bitcoin (BTC) Price Continues to Plunge

The cryptocurrency market experienced a sharp downturn on April 30, 2024, with Bitcoin (BTC) leading the plunge. Bitcoin’s value dropped below $60,000, marking its lowest point in two weeks after reaching a high of $73,000 in March. The sudden drop resulted in significant liquidation for crypto traders who had bet on Bitcoin’s price increase.

Data from CoinGlass showed that long traders faced losses of $246 million within 24 hours. The downturn in Bitcoin’s price had a ripple effect across the entire crypto market, causing widespread liquidation as investors rushed to adjust their positions in response to the volatility.

Nearly $360 Million Liquidated in Crypto

The total assets liquidated across the market stood close to $360 million. Short traders accounted for approximately $114 million of losses. However, the market has slightly recovered, and the total loss has been reduced to $290.80 million at the time of writing.

In the past four hours alone, traders on both the long and short sides saw combined losses of $8 million, with significant...